House Passes Infrastructure Package Including Ruppersberger-Authored Finance Tool
(Washington, DC) – The U.S. House of Representatives today passed legislation infusing $1.5 trillion into American infrastructure, including a measure authored by Congressman C.A. Dutch Ruppersberger (D-MD) that helps state and local governments finance community improvements. The “Moving Forward Act” will create jobs in Maryland and throughout the country by rebuilding not only roads, bridges and transit systems, but schools, housing, broadband networks and more.
Maryland is expected to receive more than $6.2 billion in funding under the legislation, which passed by a vote of 233-188 and now heads to the U.S. Senate for consideration.
“We have been talking about rebuilding America’s crumbling and aging infrastructure for years now. Now, it’s time for action,” Congressman Ruppersberger said. “As we continue to fight this coronavirus pandemic and unprecedented unemployment numbers, this investment is needed now more than ever.”
The bill features legislation authored by Congressman Ruppersberger that restores the tax-exemption for advance refunding bonds, which are often used by state and local governments to pay off another, outstanding bond to finance infrastructure projects. The change enables governments to take advantage of lower interest rates, similar to homeowners refinancing their mortgages. The use of tax-exempt advance refunding bonds saves taxpayers an estimated $2.35 billion a year and frees up resources for other community improvements, such as new police and fire stations, schools and roads.
“This is a complicated finance issue that has a simple end result – saving American taxpayers money – and I am proud it has been included in this landmark infrastructure package,” Congressman Ruppersberger said.
A full fact sheet on the investments included in the Moving Forward Act is available here.